Victory Capital (VCTR) Financials

$66.80 -2.11 (-3.06%)

Closing price 08/1/2025 04:00 PM Eastern

Extended Trading

$66.81 +0.01 (+0.01%)

As of 08/1/2025 06:49 PM Eastern

Annual Income Statements for Victory Capital

This table shows Victory Capital's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	3.80	-6.07	26	64	92	213	278	276	213	289
Consolidated Net Income / (Loss)	3.80	-6.07	26	64	92	213	278	276	213	289
Net Income / (Loss) Continuing Operations	3.80	-6.07	26	64	92	213	278	276	213	289
Total Pre-Tax Income	7.22	-9.07	38	85	121	279	351	350	276	374
Total Revenue	241	298	410	413	612	775	890	855	821	893
Net Interest Income / (Expense)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Interest Income	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Non-Interest Income	241	298	410	413	612	775	890	855	821	893
Other Non-Interest Income	-	-	410	413	612	-	890	855	821	893
Total Non-Interest Expense	234	308	368	320	489	461	541	500	554	530
Salaries and Employee Benefits	94	123	144	146	180	197	235	238	221	217
Insurance Policy Acquisition Costs	-	-	103	95	147	176	176	161	150	146
Other Operating Expenses	100	139	82	51	87	51	78	96	118	121
Depreciation Expense	27	30	30	23	24	16	19	43	42	30
Restructuring Charge	12	16	8.01	5.05	51	20	33	-39	24	15
Nonoperating Income / (Expense), net	0.05	1.09	-3.24	-8.91	-3.03	-36	1.45	-5.11	8.73	10
Income Tax Expense	3.42	-3.00	13	21	28	66	72	75	63	85
Basic Earnings per Share	$0.08	($0.12)	$0.47	$0.96	$1.37	$3.14	$4.10	$4.02	$3.22	$4.47
Weighted Average Basic Shares Outstanding	46.41M	50.02M	54.93M	66.30M	67.62M	67.71M	67.98M	68.48M	66.20M	64.61M
Diluted Earnings per Share	$0.08	($0.12)	$0.43	$0.90	$1.26	$2.88	$3.75	$3.81	$3.12	$4.38
Weighted Average Diluted Shares Outstanding	48.09M	50.02M	59.58M	70.51M	73.47M	73.72M	74.15M	72.27M	68.21M	65.93M
Weighted Average Basic & Diluted Shares Outstanding	-	50.60M	54.90M	66.40M	67.50M	67.70M	68.75M	67.58M	64.32M	63.66M
Cash Dividends to Common per Share	$1.28	-	$2.42	$0.00	$0.10	$0.23	$0.53	$1.00	$1.28	$1.56

This table shows Victory Capital's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	73	52	49	57	52	55	56	74	82	77	62
Consolidated Net Income / (Loss)	73	52	49	57	52	55	56	74	82	77	62
Net Income / (Loss) Continuing Operations	73	52	49	57	52	55	56	74	82	77	62
Total Pre-Tax Income	85	69	62	75	66	74	72	96	108	99	80
Total Revenue	207	202	201	204	210	206	216	220	226	232	220
Net Interest Income / (Expense)	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Interest Income	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Interest Expense	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Non-Interest Income	207	202	201	204	210	206	216	220	226	232	220
Other Non-Interest Income	207	202	201	204	210	206	-	220	-	-	220
Total Non-Interest Expense	120	135	141	132	145	136	148	125	122	135	140
Salaries and Employee Benefits	57	59	58	55	55	54	59	56	43	59	56
Insurance Policy Acquisition Costs	39	38	38	37	38	36	36	36	37	37	35
Other Operating Expenses	24	27	27	28	30	33	30	31	30	29	28
Depreciation Expense	11	11	12	9.65	12	7.98	7.60	7.55	7.51	7.51	7.43
Restructuring Charge	-10	0.89	7.43	1.52	11	4.40	14	-5.05	3.66	3.06	13
Nonoperating Income / (Expense), net	-1.82	2.87	1.54	1.97	1.45	3.77	3.57	1.46	3.55	1.51	0.70
Income Tax Expense	13	17	13	18	14	18	16	22	26	22	18
Basic Earnings per Share	$1.06	$0.76	$0.73	$0.85	$0.79	$0.85	$0.86	$1.15	$1.26	$1.20	$0.97
Weighted Average Basic Shares Outstanding	68.61M	68.48M	67.29M	66.47M	65.77M	66.20M	64.39M	64.73M	64.88M	64.61M	63.71M
Diluted Earnings per Share	$1.01	$0.74	$0.71	$0.83	$0.77	$0.81	$0.84	$1.12	$1.24	$1.18	$0.96
Weighted Average Diluted Shares Outstanding	71.88M	72.27M	69.73M	68.50M	67.68M	68.21M	65.97M	66.08M	66.06M	65.93M	64.71M
Weighted Average Basic & Diluted Shares Outstanding	68.51M	67.58M	66.89M	65.77M	65.99M	64.32M	64.71M	64.88M	65.03M	63.66M	67.24M
Cash Dividends to Common per Share	$0.25	$0.25	$0.32	$0.32	$0.32	$0.32	$0.34	$0.37	$0.41	$0.44	$0.47

This table details how cash moves in and out of Victory Capital's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-11	1.30	-3.52	39	-14	-14	47	-31	85	3.18
Net Cash From Operating Activities	41	40	96	134	227	251	376	335	330	340
Net Cash From Continuing Operating Activities	41	40	96	134	227	251	376	335	330	340
Net Income / (Loss) Continuing Operations	3.80	-6.07	26	64	92	213	278	276	213	289
Consolidated Net Income / (Loss)	3.80	-6.07	26	64	92	213	278	276	213	289
Depreciation Expense	27	30	29	26	22	15	15	48	40	29
Amortization Expense	3.21	4.79	6.61	2.88	3.89	4.47	3.43	4.48	1.45	-12
Non-Cash Adjustments to Reconcile Net Income	10	7.67	34	30	37	74	65	5.99	30	54
Changes in Operating Assets and Liabilities, net	-4.07	3.14	0.51	12	72	-55	14	1.39	46	-20
Net Cash From Investing Activities	-20	-210	-8.53	-12	-850	-12	-557	-6.32	-7.84	-3.98
Net Cash From Continuing Investing Activities	-20	-210	-8.53	-12	-850	-12	-557	-6.32	-7.84	-3.98
Purchase of Property, Leasehold Improvements and Equipment	-1.93	-1.16	-5.11	-2.55	-5.24	-8.06	-13	-5.25	-5.17	-1.28
Purchase of Investment Securities	-21	-213	-12	-12	-847	-8.85	-554	-25	-14	-13
Sale and/or Maturity of Investments	2.92	3.88	5.25	2.77	2.91	4.57	9.88	24	11	11
Net Cash From Financing Activities	-31	172	-91	-84	608	-253	227	-360	-237	-333
Net Cash From Continuing Financing Activities	-31	172	-91	-84	608	-253	227	-360	-237	-333
Issuance of Common Equity	1.67	89	3.19	158	4.08	4.76	8.38	14	6.29	8.88
Repayment of Debt	-17	-21	-68	-580	-428	-162	-142	-149	0.00	-30
Repurchase of Common Equity	-1.19	-11	-4.65	-8.18	-16	-30	-32	-101	-139	-104
Payment of Dividends	-60	-0.63	-135	-0.83	-7.44	-16	-37	-69	-85	-101
Other Financing Activities, Net	-4.09	-18	-12	-12	-33	-49	-73	-55	-19	-107
Effect of Exchange Rate Changes	-	-	0.12	-0.07	0.04	0.04	-0.04	-0.07	0.06	-0.05
Cash Interest Paid	23	29	41	18	23	39	19	32	71	79
Cash Income Taxes Paid	0.61	0.50	0.76	18	25	38	55	36	39	52

This table details how cash moves in and out of Victory Capital's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	24	-28	0.16	5.45	64	16	-44	39	69	-62	49
Net Cash From Operating Activities	103	67	64	77	92	97	69	80	100	92	81
Net Cash From Continuing Operating Activities	103	67	64	77	92	97	69	80	100	92	81
Net Income / (Loss) Continuing Operations	73	52	49	57	52	55	56	74	82	77	62
Consolidated Net Income / (Loss)	73	52	49	57	52	55	56	74	82	77	62
Depreciation Expense	12	10	11	8.90	13	6.81	6.30	7.70	6.20	9.28	8.27
Amortization Expense	1.10	1.08	1.05	1.06	1.07	-1.72	-3.10	-3.05	-3.12	-3.12	-3.07
Non-Cash Adjustments to Reconcile Net Income	3.78	1.50	18	14	19	-22	24	6.36	15	8.88	14
Changes in Operating Assets and Liabilities, net	14	1.75	-15	-3.49	6.20	58	-14	-5.56	-0.31	-0.17	-0.50
Net Cash From Investing Activities	-0.51	1.34	-1.55	-2.38	-2.35	-1.57	-0.91	-0.61	-0.07	-2.40	-1.68
Net Cash From Continuing Investing Activities	-0.51	1.34	-1.55	-2.38	-2.35	-1.57	-0.91	-0.61	-0.07	-2.40	-1.68
Purchase of Property, Leasehold Improvements and Equipment	-1.38	-0.96	-0.57	-2.00	-1.80	-0.80	-0.50	-0.23	-0.40	-0.16	-1.59
Purchase of Investment Securities	-6.15	-6.51	-2.95	-1.35	-5.07	-4.49	-0.71	-1.17	-8.36	-3.14	-1.53
Sale and/or Maturity of Investments	7.02	8.80	1.97	0.97	4.52	3.72	0.30	0.79	8.69	0.90	1.43
Net Cash From Financing Activities	-78	-97	-62	-70	-25	-80	-111	-40	-31	-151	-31
Net Cash From Continuing Financing Activities	-78	-97	-62	-70	-25	-80	-111	-40	-31	-151	-31
Issuance of Common Equity	9.37	1.67	1.77	1.49	2.15	0.87	3.27	2.21	1.72	1.68	0.55
Repurchase of Common Equity	-32	-40	-34	-45	-1.91	-57	-2.95	-2.14	-1.63	-97	-0.45
Payment of Dividends	-17	-17	-22	-21	-21	-21	-22	-24	-27	-28	-30
Other Financing Activities, Net	-19	-27	-7.69	-4.09	-4.14	-2.78	-89	-6.61	-4.08	-7.46	-0.89
Effect of Exchange Rate Changes	-0.12	0.18	0.02	-0.02	-0.01	0.07	-0.04	0.00	0.17	-0.18	0.18
Cash Interest Paid	9.64	7.86	15	17	18	20	20	19	19	20	17
Cash Income Taxes Paid	2.96	9.61	1.00	23	9.54	4.68	1.13	29	9.68	12	1.50

This table presents Victory Capital's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	851	793	802	1,753	1,731	2,580	2,541	2,543	2,548
Cash and Due from Banks	16	13	51	37	23	70	38	124	127
Trading Account Securities	6.16	11	13	0.77	0.92	0.91	0.47	0.53	0.61
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Premises and Equipment, Net	9.54	8.84	8.78	13	19	25	21	20	12
Goodwill	284	284	284	405	405	982	982	982	982
Intangible Assets	434	408	388	1,175	1,163	1,350	1,315	1,282	1,261
Other Assets	100	67	56	122	121	11	185	135	166
Total Liabilities & Shareholders' Equity	851	793	802	1,753	1,731	2,580	2,541	2,543	2,548
Total Liabilities	520	561	346	1,215	1,023	1,194	1,475	1,490	1,426
Long-Term Debt	436	493	275	925	769	1,128	986	989	964
Other Long-Term Liabilities	53	46	51	202	254	66	490	500	462
Total Equity & Noncontrolling Interests	331	231	456	538	708	930	1,065	1,053	1,122
Total Preferred & Common Equity	331	231	456	538	708	930	1,065	1,053	1,122
Total Common Equity	331	231	455	538	708	930	1,065	1,053	1,122
Common Stock	422	436	604	625	648	674	706	729	753
Retained Earnings	-75	-184	-120	-35	162	403	609	737	925
Treasury Stock	-16	-	-	-53	0.00	-153	-285	-444	-575
Accumulated Other Comprehensive Income / (Loss)	-0.54	0.06	-0.09	0.00	-7.46	5.97	35	31	19

This table presents Victory Capital's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	2,589	2,528	2,538	2,592	2,506	2,541	2,612	2,583
Cash and Due from Banks	67	38	44	108	80	119	188	176
Trading Account Securities	-	-	-	30	34	34	35	35
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Premises and Equipment, Net	23	20	22	21	18	16	14	11
Goodwill	982	982	982	982	982	982	982	982
Intangible Assets	1,324	1,305	1,298	1,288	1,277	1,271	1,266	1,255
Other Assets	194	69	193	163	117	120	128	125
Total Liabilities & Shareholders' Equity	2,589	2,528	2,538	2,592	2,506	2,541	2,612	2,583
Total Liabilities	1,522	1,140	1,492	1,516	1,429	1,418	1,437	1,439
Long-Term Debt	1,000	986	987	988	990	982	983	965
Other Long-Term Liabilities	522	154	505	527	439	437	455	474
Total Equity & Noncontrolling Interests	1,067	1,049	1,046	1,076	1,077	1,123	1,175	1,145
Total Preferred & Common Equity	1,067	1,049	1,046	1,076	1,077	1,123	1,175	1,145
Total Common Equity	1,067	1,049	1,046	1,076	1,077	1,123	1,175	1,145
Common Stock	700	712	718	724	736	742	748	757
Retained Earnings	574	636	671	702	770	820	876	956
Treasury Stock	-244	-330	-378	-384	-458	-465	-471	-584
Accumulated Other Comprehensive Income / (Loss)	37	30	34	34	28	25	22	16

This table displays calculated financial ratios and metrics derived from Victory Capital's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	23.72%	37.51%	0.92%	48.13%	26.61%	14.82%	-3.98%	-3.95%	8.82%
EBITDA Growth	0.00%	-34.92%	214.85%	58.32%	21.77%	123.20%	10.18%	10.75%	-24.31%	23.46%
EBIT Growth	0.00%	-241.56%	510.56%	124.99%	31.86%	154.38%	10.96%	1.70%	-24.77%	36.12%
NOPAT Growth	0.00%	-288.33%	493.87%	151.36%	34.69%	153.26%	15.46%	0.83%	-26.16%	36.17%
Net Income Growth	0.00%	-259.76%	525.40%	146.67%	45.19%	129.78%	30.99%	-1.03%	-22.63%	35.52%
EPS Growth	0.00%	-250.00%	458.33%	109.30%	40.00%	128.57%	30.21%	1.60%	-18.11%	40.38%
Operating Cash Flow Growth	0.00%	-2.74%	143.22%	39.70%	69.25%	10.22%	50.11%	-10.89%	-1.47%	2.93%
Free Cash Flow Firm Growth	0.00%	0.00%	109.11%	-8.68%	-1,089.48%	135.46%	-436.43%	197.68%	-71.04%	10.59%
Invested Capital Growth	0.00%	0.00%	-5.55%	0.83%	100.26%	0.97%	70.27%	-18.42%	-0.42%	2.12%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	-2.29%	25.03%	-2.29%	3.47%	-3.25%	0.52%	3.07%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	4.65%	23.55%	21.09%	-4.48%	-3.34%	-0.96%	8.06%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	5.27%	29.22%	22.45%	-5.88%	-5.05%	1.32%	8.13%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	4.61%	30.79%	21.75%	-4.25%	-6.54%	1.11%	9.08%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	4.44%	34.40%	8.87%	5.63%	-5.96%	1.40%	8.14%
EPS Q/Q Growth	0.00%	0.00%	0.00%	1.12%	34.04%	8.68%	5.63%	-4.99%	2.30%	9.23%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	0.00%	-1.69%	12.49%	3.38%	13.33%	-11.85%	9.99%	-1.53%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	22.92%	-32.98%	-388.62%	378.98%	4.13%	44.31%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	1.98%	-9.47%	0.08%	67.43%	-0.77%	-1.07%	-3.33%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	15.73%	8.27%	18.94%	29.72%	24.43%	43.06%	41.33%	47.67%	37.56%	42.62%
EBIT Margin	2.98%	-3.41%	10.18%	22.70%	20.20%	40.59%	39.22%	41.55%	32.54%	40.70%
Profit (Net Income) Margin	1.58%	-2.04%	6.30%	15.41%	15.10%	27.41%	31.27%	32.23%	25.96%	32.33%
Tax Burden Percent	52.62%	66.93%	67.15%	75.02%	76.64%	76.30%	79.39%	78.71%	77.26%	77.29%
Interest Burden Percent	100.66%	89.31%	92.22%	90.50%	97.55%	88.51%	100.42%	98.56%	103.27%	102.77%
Effective Tax Rate	47.38%	0.00%	32.85%	24.98%	23.36%	23.70%	20.61%	21.29%	22.74%	22.71%
Return on Invested Capital (ROIC)	0.00%	-1.85%	3.76%	9.68%	8.65%	16.34%	13.89%	12.25%	10.09%	13.62%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-1.38%	3.29%	7.94%	8.26%	13.08%	13.99%	11.93%	10.77%	14.42%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-1.81%	5.43%	8.87%	9.97%	17.79%	20.11%	15.37%	10.04%	12.95%
Return on Equity (ROE)	0.00%	-3.67%	9.19%	18.55%	18.62%	34.13%	34.00%	27.62%	20.12%	26.57%
Cash Return on Invested Capital (CROIC)	0.00%	-201.85%	9.46%	8.86%	-58.14%	15.38%	-38.10%	32.54%	10.51%	11.52%
Operating Return on Assets (OROA)	0.00%	-1.19%	5.07%	11.77%	9.69%	18.07%	16.20%	13.87%	10.51%	14.29%
Return on Assets (ROA)	0.00%	-0.71%	3.14%	7.99%	7.24%	12.20%	12.92%	10.76%	8.39%	11.35%
Return on Common Equity (ROCE)	0.00%	-3.67%	9.19%	18.53%	18.61%	34.13%	34.00%	27.62%	20.12%	26.57%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-1.83%	11.17%	13.98%	17.20%	30.04%	29.94%	25.86%	20.24%	25.75%
Net Operating Profit after Tax (NOPAT)	3.78	-7.11	28	70	95	240	277	280	206	281
NOPAT Margin	1.57%	-2.39%	6.84%	17.03%	15.48%	30.97%	31.14%	32.70%	25.14%	31.46%
Net Nonoperating Expense Percent (NNEP)	0.00%	-0.48%	0.47%	1.74%	0.39%	3.26%	-0.10%	0.31%	-0.68%	-0.80%
SG&A Expenses to Revenue	38.97%	41.16%	35.18%	35.29%	29.36%	25.43%	26.38%	27.87%	26.92%	24.31%
Operating Expenses to Revenue	97.02%	103.41%	89.82%	77.30%	79.80%	59.41%	60.78%	58.45%	67.46%	59.30%
Earnings before Interest and Taxes (EBIT)	7.18	-10	42	94	124	315	349	355	267	364
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	38	25	78	123	150	334	368	407	308	381
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.46	0.66	1.34	2.34	2.12	2.44	1.60	2.08	3.77
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.63	0.51	0.37	1.48	2.05	1.94	2.55	1.99	2.67	4.73
Price to Earnings (P/E)	40.03	0.00	5.89	9.59	13.59	7.07	8.16	6.18	10.27	14.64
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.54%	1.03%	1.59%	4.02%	3.86%	2.39%
Earnings Yield	2.50%	0.00%	16.98%	10.43%	7.36%	14.14%	12.26%	16.18%	9.73%	6.83%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.75	0.87	1.14	1.47	1.52	1.32	1.29	1.50	2.43
Enterprise Value to Revenue (EV/Rev)	0.00	1.92	1.54	2.02	3.50	2.90	3.74	3.10	3.72	5.67
Enterprise Value to EBITDA (EV/EBITDA)	0.00	23.19	8.15	6.79	14.34	6.74	9.05	6.51	9.91	13.30
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	15.16	8.89	17.33	7.15	9.54	7.46	11.44	13.93
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	22.58	11.85	22.62	9.37	12.01	9.48	14.80	18.02
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	14.45	6.57	6.21	9.43	8.98	8.85	7.91	9.25	14.90
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	8.96	12.95	0.00	9.95	0.00	3.57	14.21	21.30
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	1.32	2.13	0.60	1.72	1.09	1.21	0.93	0.94	0.86
Long-Term Debt to Equity	0.00	1.32	2.13	0.60	1.72	1.09	1.21	0.93	0.94	0.86
Financial Leverage	0.00	1.32	1.65	1.12	1.21	1.36	1.44	1.29	0.93	0.90
Leverage Ratio	0.00	2.57	2.92	2.32	2.57	2.80	2.63	2.57	2.40	2.34
Compound Leverage Factor	0.00	2.30	2.70	2.10	2.51	2.48	2.64	2.53	2.48	2.41
Debt to Total Capital	0.00%	56.83%	68.08%	37.62%	63.22%	52.08%	54.81%	48.05%	48.44%	46.22%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	56.83%	68.08%	37.62%	63.22%	52.08%	54.81%	48.05%	48.44%	46.22%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	43.17%	31.92%	62.29%	36.78%	47.92%	45.19%	51.95%	51.56%	53.78%
Debt to EBITDA	0.00	17.68	6.35	2.24	6.18	2.30	3.07	2.42	3.21	2.53
Net Debt to EBITDA	0.00	17.02	6.19	1.82	5.93	2.24	2.88	2.32	2.81	2.20
Long-Term Debt to EBITDA	0.00	17.68	6.35	2.24	6.18	2.30	3.07	2.42	3.21	2.53
Debt to NOPAT	0.00	-61.29	17.61	3.90	9.75	3.20	4.07	3.53	4.79	3.43
Net Debt to NOPAT	0.00	-58.98	17.15	3.17	9.36	3.11	3.82	3.39	4.19	2.98
Long-Term Debt to NOPAT	0.00	-61.29	17.61	3.90	9.75	3.20	4.07	3.53	4.79	3.43
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.10%	0.07%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-774	71	64	-637	226	-760	743	215	238
Operating Cash Flow to CapEx	2,143.07%	3,432.29%	4,581.66%	5,276.71%	4,340.22%	3,109.77%	2,968.25%	6,391.06%	6,389.84%	26,602.43%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.35	0.50	0.52	0.48	0.45	0.41	0.33	0.32	0.35
Fixed Asset Turnover	0.00	31.21	44.55	46.91	55.62	48.48	40.43	36.81	40.32	56.82
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	767	724	730	1,462	1,477	2,514	2,051	2,042	2,085
Invested Capital Turnover	0.00	0.78	0.55	0.57	0.56	0.53	0.45	0.37	0.40	0.43
Increase / (Decrease) in Invested Capital	0.00	767	-43	5.98	732	14	1,038	-463	-8.65	43
Enterprise Value (EV)	0.00	571	632	834	2,145	2,249	3,330	2,651	3,055	5,065
Market Capitalization	152	152	152	611	1,257	1,503	2,271	1,703	2,190	4,228
Book Value per Share	$0.00	$6.62	$4.21	$6.71	$7.96	$10.49	$13.65	$15.55	$15.96	$17.25
Tangible Book Value per Share	$0.00	($7.75)	($8.39)	($3.20)	($15.43)	($12.74)	($20.58)	($17.97)	($18.35)	($17.23)
Total Capital	0.00	767	724	730	1,462	1,477	2,058	2,051	2,042	2,085
Total Debt	0.00	436	493	275	925	769	1,128	986	989	964
Total Long-Term Debt	0.00	436	493	275	925	769	1,128	986	989	964
Net Debt	0.00	419	480	223	887	746	1,058	947	866	837
Capital Expenditures (CapEx)	1.90	1.15	2.10	2.55	5.24	8.06	13	5.25	5.17	1.28
Net Nonoperating Expense (NNE)	-0.02	-1.04	2.18	6.69	2.32	28	-1.15	4.02	-6.75	-7.79
Net Nonoperating Obligations (NNO)	0.00	436	493	275	925	769	1,584	986	989	964
Total Depreciation and Amortization (D&A)	31	35	36	29	26	19	19	52	41	17
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.08	($0.12)	$0.47	$0.96	$1.37	$3.14	$4.10	$4.02	$3.22	$4.47
Adjusted Weighted Average Basic Shares Outstanding	46.41M	50.02M	54.93M	66.30M	67.62M	67.71M	67.98M	68.48M	66.20M	64.61M
Adjusted Diluted Earnings per Share	$0.08	($0.12)	$0.43	$0.90	$1.26	$2.88	$3.75	$3.81	$3.12	$4.38
Adjusted Weighted Average Diluted Shares Outstanding	48.09M	50.02M	59.58M	70.51M	73.47M	73.72M	74.15M	72.27M	68.21M	65.93M
Adjusted Basic & Diluted Earnings per Share	$0.08	$0.00	$0.00	$0.00	$1.37	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	50.60M	67.95M	67.50M	67.89M	67.70M	68.75M	67.58M	64.32M	63.66M
Normalized Net Operating Profit after Tax (NOPAT)	10	4.27	33	74	134	256	303	249	225	293
Normalized NOPAT Margin	4.19%	1.43%	8.15%	17.94%	21.85%	32.96%	34.05%	29.09%	27.40%	32.79%
Pre Tax Income Margin	3.00%	-3.05%	9.39%	20.54%	19.71%	35.92%	39.39%	40.95%	33.61%	41.83%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	1,581.61%	-10.33%	523.39%	1.30%	8.04%	7.64%	13.35%	25.12%	40.08%	35.00%
Augmented Payout Ratio	1,612.79%	-183.76%	541.41%	14.14%	24.84%	21.70%	24.67%	61.84%	105.43%	70.86%

This table displays calculated financial ratios and metrics derived from Victory Capital's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-8.41%	-12.49%	-12.48%	-5.45%	1.17%	2.12%	7.22%	7.54%	7.60%	12.91%	1.73%
EBITDA Growth	1.48%	-15.32%	-30.72%	-33.89%	-21.58%	-3.86%	-1.25%	19.83%	36.25%	37.94%	18.70%
EBIT Growth	-6.42%	-22.18%	-34.65%	-33.62%	-26.03%	5.25%	13.26%	29.87%	61.24%	39.18%	16.65%
NOPAT Growth	-0.66%	-27.87%	-33.88%	-33.15%	-31.56%	4.55%	10.17%	32.53%	55.86%	44.65%	16.07%
Net Income Growth	-1.90%	-25.05%	-30.87%	-28.45%	-28.53%	5.62%	13.03%	31.02%	57.64%	39.37%	11.28%
EPS Growth	1.00%	-21.28%	-26.80%	-23.85%	-23.76%	9.46%	18.31%	34.94%	61.04%	45.68%	14.29%
Operating Cash Flow Growth	3.18%	-40.17%	-14.24%	-14.22%	-11.10%	44.73%	7.06%	2.97%	8.90%	-5.45%	18.07%
Free Cash Flow Firm Growth	-1,108.62%	153.02%	42.45%	146.33%	110.85%	-88.11%	228.75%	-99.42%	-125.52%	-46.69%	-94.60%
Invested Capital Growth	37.65%	-18.42%	16.01%	-12.88%	-0.12%	-0.42%	-12.94%	3.49%	4.50%	2.12%	2.03%
Revenue Q/Q Growth	-4.05%	-2.77%	-0.10%	1.44%	2.67%	-1.86%	4.89%	1.74%	2.74%	2.99%	-5.50%
EBITDA Q/Q Growth	-19.82%	-22.28%	-6.97%	14.03%	-4.88%	-4.71%	-4.45%	38.37%	8.15%	-3.53%	-17.78%
EBIT Q/Q Growth	-20.33%	-23.96%	-8.98%	20.39%	-11.23%	8.20%	-2.06%	38.05%	10.21%	-6.60%	-17.91%
NOPAT Q/Q Growth	-9.96%	-32.58%	-4.10%	14.84%	-7.82%	2.98%	1.05%	38.15%	8.42%	-4.43%	-18.92%
Net Income Q/Q Growth	-8.13%	-28.17%	-5.73%	15.01%	-8.23%	6.15%	0.88%	33.33%	10.41%	-6.15%	-19.45%
EPS Q/Q Growth	-7.34%	-26.73%	-4.05%	16.90%	-7.23%	5.19%	3.70%	33.33%	10.71%	-4.84%	-18.64%
Operating Cash Flow Q/Q Growth	14.21%	-34.90%	-4.38%	20.65%	18.37%	5.97%	-29.27%	16.04%	25.19%	-7.99%	-11.67%
Free Cash Flow Firm Q/Q Growth	36.06%	204.53%	-154.51%	227.18%	-85.03%	14.61%	490.14%	-99.43%	-758.89%	339.42%	-40.24%
Invested Capital Q/Q Growth	-11.45%	-0.77%	15.78%	-14.37%	1.52%	-1.07%	1.23%	1.80%	2.51%	-3.33%	1.14%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	48.33%	38.63%	35.97%	40.44%	37.46%	36.37%	33.13%	45.06%	47.43%	44.43%	38.66%
EBIT Margin	42.05%	32.89%	29.97%	35.56%	30.75%	33.90%	31.65%	42.95%	46.07%	41.78%	36.29%
Profit (Net Income) Margin	35.11%	25.94%	24.48%	27.75%	24.80%	26.83%	25.80%	33.81%	36.34%	33.11%	28.22%
Tax Burden Percent	85.26%	75.59%	79.64%	75.97%	78.89%	75.09%	77.47%	77.53%	76.26%	78.04%	77.08%
Interest Burden Percent	97.92%	104.33%	102.56%	102.71%	102.25%	105.40%	105.22%	101.54%	103.42%	101.55%	100.88%
Effective Tax Rate	14.74%	24.41%	20.36%	24.03%	21.11%	24.91%	22.53%	22.47%	23.74%	21.96%	22.92%
Return on Invested Capital (ROIC)	17.76%	9.31%	8.92%	10.07%	9.59%	10.21%	9.23%	13.69%	14.43%	14.12%	12.02%
ROIC Less NNEP Spread (ROIC-NNEP)	17.57%	9.48%	9.02%	10.21%	9.71%	10.50%	9.46%	13.81%	14.70%	14.24%	12.07%
Return on Net Nonoperating Assets (RNNOA)	14.83%	12.21%	10.58%	11.18%	9.00%	9.79%	10.31%	12.54%	12.88%	12.79%	10.62%
Return on Equity (ROE)	32.59%	21.52%	19.50%	21.25%	18.59%	20.00%	19.54%	26.23%	27.31%	26.90%	22.64%
Cash Return on Invested Capital (CROIC)	-14.92%	32.54%	-3.30%	24.18%	10.00%	10.51%	23.35%	7.65%	7.81%	11.52%	11.86%
Operating Return on Assets (OROA)	16.97%	10.98%	9.71%	11.34%	9.69%	10.95%	10.51%	14.39%	15.35%	14.67%	12.80%
Return on Assets (ROA)	14.16%	8.66%	7.93%	8.85%	7.82%	8.67%	8.56%	11.33%	12.11%	11.62%	9.95%
Return on Common Equity (ROCE)	32.59%	21.52%	19.50%	21.25%	18.59%	20.00%	19.54%	26.23%	27.31%	26.90%	22.64%
Return on Equity Simple (ROE_SIMPLE)	27.46%	0.00%	24.18%	22.08%	19.53%	0.00%	20.39%	21.12%	22.74%	0.00%	25.79%
Net Operating Profit after Tax (NOPAT)	74	50	48	55	51	52	53	73	79	76	61
NOPAT Margin	35.85%	24.86%	23.86%	27.02%	24.26%	25.45%	24.52%	33.29%	35.14%	32.61%	27.97%
Net Nonoperating Expense Percent (NNEP)	0.19%	-0.17%	-0.10%	-0.13%	-0.12%	-0.29%	-0.24%	-0.11%	-0.27%	-0.12%	-0.06%
SG&A Expenses to Revenue	27.44%	29.20%	28.61%	26.90%	25.99%	26.22%	27.54%	25.34%	19.17%	25.33%	25.56%
Operating Expenses to Revenue	57.95%	67.11%	70.03%	64.44%	69.25%	66.10%	68.35%	57.05%	53.93%	58.22%	63.71%
Earnings before Interest and Taxes (EBIT)	87	66	60	73	64	70	68	94	104	97	80
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	100	78	72	83	79	75	72	99	107	103	85
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.40	1.60	1.80	1.95	1.97	2.08	2.51	2.75	3.06	3.77	3.22
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.69	1.99	2.29	2.50	2.60	2.67	3.24	3.63	4.15	4.73	4.11
Price to Earnings (P/E)	5.11	6.18	7.46	8.82	10.09	10.27	12.34	13.02	13.45	14.64	12.48
Dividend Yield	4.21%	4.02%	3.82%	3.74%	3.75%	3.86%	3.08%	2.82%	2.59%	2.39%	3.50%
Earnings Yield	19.58%	16.18%	13.41%	11.34%	9.92%	9.73%	8.11%	7.68%	7.43%	6.83%	8.01%
Enterprise Value to Invested Capital (EV/IC)	1.18	1.29	1.20	1.47	1.45	1.50	1.75	1.88	2.03	2.43	2.12
Enterprise Value to Revenue (EV/Rev)	2.75	3.10	3.44	3.66	3.67	3.72	4.33	4.64	5.06	5.67	4.99
Enterprise Value to EBITDA (EV/EBITDA)	5.76	6.51	7.56	8.95	9.64	9.91	11.77	12.20	12.45	13.30	11.35
Enterprise Value to EBIT (EV/EBIT)	6.50	7.46	8.79	10.41	11.38	11.44	13.15	13.31	13.05	13.93	11.93
Enterprise Value to NOPAT (EV/NOPAT)	8.12	9.48	11.14	13.11	14.70	14.80	17.13	17.24	17.03	18.02	15.45
Enterprise Value to Operating Cash Flow (EV/OCF)	6.39	7.91	8.75	9.56	9.99	9.25	10.81	11.72	12.71	14.90	12.69
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	3.57	0.00	5.64	14.53	14.21	6.98	24.98	26.63	21.30	18.07
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.94	0.93	0.94	0.94	0.92	0.94	0.92	0.87	0.84	0.86	0.84
Long-Term Debt to Equity	0.94	0.93	0.94	0.94	0.92	0.94	0.92	0.87	0.84	0.86	0.84
Financial Leverage	0.84	1.29	1.17	1.10	0.93	0.93	1.09	0.91	0.88	0.90	0.88
Leverage Ratio	2.26	2.57	2.51	2.45	2.42	2.40	2.37	2.34	2.31	2.34	2.29
Compound Leverage Factor	2.22	2.68	2.57	2.52	2.47	2.53	2.49	2.38	2.39	2.38	2.31
Debt to Total Capital	48.38%	48.05%	48.47%	48.56%	47.87%	48.44%	47.90%	46.65%	45.55%	46.22%	45.74%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	48.38%	48.05%	48.47%	48.56%	47.87%	48.44%	47.90%	46.65%	45.55%	46.22%	45.74%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	51.62%	51.95%	51.53%	51.44%	52.13%	51.56%	52.10%	53.35%	54.45%	53.78%	54.26%
Debt to EBITDA	2.37	2.42	2.63	2.96	3.17	3.21	3.22	3.03	2.79	2.53	2.45
Net Debt to EBITDA	2.21	2.32	2.53	2.83	2.83	2.81	2.96	2.66	2.25	2.20	2.00
Long-Term Debt to EBITDA	2.37	2.42	2.63	2.96	3.17	3.21	3.22	3.03	2.79	2.53	2.45
Debt to NOPAT	3.34	3.53	3.87	4.34	4.84	4.79	4.69	4.28	3.81	3.43	3.33
Net Debt to NOPAT	3.12	3.39	3.72	4.15	4.31	4.19	4.31	3.76	3.08	2.98	2.73
Long-Term Debt to NOPAT	3.34	3.53	3.87	4.34	4.84	4.79	4.69	4.28	3.81	3.43	3.33
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-491	513	-280	356	53	61	360	2.06	-14	33	19
Operating Cash Flow to CapEx	7,490.12%	6,996.04%	11,216.08%	3,870.30%	5,087.62%	12,198.62%	13,736.80%	35,424.00%	25,070.35%	59,232.90%	5,103.46%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.40	0.33	0.32	0.32	0.32	0.32	0.33	0.34	0.33	0.35	0.35
Fixed Asset Turnover	37.75	36.81	37.21	34.58	36.85	40.32	44.93	44.69	49.65	56.82	62.58
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,067	2,051	2,375	2,033	2,064	2,042	2,067	2,105	2,157	2,085	2,109
Invested Capital Turnover	0.50	0.37	0.37	0.37	0.40	0.40	0.38	0.41	0.41	0.43	0.43
Increase / (Decrease) in Invested Capital	565	-463	328	-301	-2.39	-8.65	-307	71	93	43	42
Enterprise Value (EV)	2,430	2,651	2,839	2,980	3,000	3,055	3,619	3,951	4,389	5,065	4,473
Market Capitalization	1,497	1,703	1,891	2,036	2,120	2,190	2,709	3,089	3,594	4,228	3,684
Book Value per Share	$15.59	$15.55	$15.52	$15.64	$16.36	$15.96	$16.75	$17.35	$18.11	$17.25	$17.98
Tangible Book Value per Share	($18.10)	($17.97)	($18.32)	($18.44)	($18.14)	($18.35)	($18.36)	($17.47)	($16.54)	($17.23)	($17.16)
Total Capital	2,067	2,051	2,035	2,033	2,064	2,042	2,067	2,105	2,157	2,085	2,109
Total Debt	1,000	986	986	987	988	989	990	982	983	964	965
Total Long-Term Debt	1,000	986	986	987	988	989	990	982	983	964	965
Net Debt	933	947	948	944	880	866	910	863	794	837	789
Capital Expenditures (CapEx)	1.38	0.96	0.57	2.00	1.80	0.80	0.50	0.23	0.40	0.16	1.59
Net Nonoperating Expense (NNE)	1.55	-2.17	-1.23	-1.50	-1.15	-2.83	-2.76	-1.13	-2.71	-1.17	-0.54
Net Nonoperating Obligations (NNO)	1,000	986	1,326	987	988	989	990	982	983	964	965
Total Depreciation and Amortization (D&A)	13	12	12	9.96	14	5.09	3.20	4.64	3.07	6.16	5.20
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.06	$0.76	$0.73	$0.85	$0.79	$0.85	$0.86	$1.15	$1.26	$1.20	$0.97
Adjusted Weighted Average Basic Shares Outstanding	68.61M	68.48M	67.29M	66.47M	65.77M	66.20M	64.39M	64.73M	64.88M	64.61M	63.71M
Adjusted Diluted Earnings per Share	$1.01	$0.74	$0.71	$0.83	$0.77	$0.81	$0.84	$1.12	$1.24	$1.18	$0.96
Adjusted Weighted Average Diluted Shares Outstanding	71.88M	72.27M	69.73M	68.50M	67.68M	68.21M	65.97M	66.08M	66.06M	65.93M	64.71M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	68.51M	67.58M	66.89M	65.77M	65.99M	64.32M	64.71M	64.88M	65.03M	63.66M	67.24M
Normalized Net Operating Profit after Tax (NOPAT)	66	51	54	56	59	56	64	69	82	78	72
Normalized NOPAT Margin	31.64%	25.20%	26.80%	27.58%	28.28%	27.06%	29.44%	31.51%	36.37%	33.63%	32.65%
Pre Tax Income Margin	41.18%	34.31%	30.73%	36.53%	31.44%	35.73%	33.30%	43.61%	47.64%	42.43%	36.61%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	21.80%	25.12%	29.16%	33.80%	38.93%	40.08%	39.03%	37.19%	35.06%	35.00%	36.81%
Augmented Payout Ratio	44.72%	61.84%	78.64%	99.49%	96.73%	105.43%	88.13%	64.38%	59.09%	70.86%	71.06%

Key Financial Trends

Victory Capital Holdings, Inc. (NASDAQ: VCTR) has demonstrated steady financial performance over the past four years through analyzing its quarterly financial statements from Q3 2022 through Q1 2025. Below are key trends and important financial highlights based on the income statements, cash flow statements, and balance sheets provided.

Consistent Revenue Growth: Total revenue has shown a general upward trend with Q1 2025 reporting $219.6 million, slightly lower than Q4 2024's $232.4 million but a notable increase compared to $201.5 million in Q4 2022.
Strong Net Income Growth: Net income rose from $49.3 million in Q1 2023 to $61.9 million in Q1 2025, reflecting increased profitability.
Operating Cash Flow Strength: Net cash from operating activities improved, reaching $81.1 million in Q1 2025 from $64.2 million in Q1 2023, indicating healthy cash generation.
Dividend Growth: Dividends paid per share increased from $0.25 in early 2023 to $0.47 in Q1 2025, representing growing shareholder returns.
Stable Share Count: Weighted average diluted shares outstanding have remained relatively stable around 65-68 million, minimizing dilution concerns for shareholders.
Large Goodwill and Intangible Assets: Goodwill ($981.8 million) and intangible assets (over $1.2 billion) constitute a significant portion of total assets. While common for asset management firms after acquisitions, these could entail impairment risks.
High Operating Expenses & Restructuring Costs: Total non-interest expenses remain substantial, around $125-$147 million quarterly, with notable restructuring charges peaking at $13.3 million in Q1 2025, potentially pressuring margins.
Elevated Long-Term Debt: Long-term debt is near $965-$990 million, representing a significant liability. The company must manage interest obligations and debt refinancing risks carefully.
Reduced Cash Levels in 2023 then Recovery in 2024-2025: Cash and equivalents dropped from $108 million in Q3 2023 to $44 million in Q2 2023 but rebounded strongly to $175.6 million by Q1 2025, showing some volatility in liquidity management.
Substantial Share Repurchases and Financing Outflows: Consistent repurchases (tens of millions of dollars) and significant cash used in financing activities (up to -$150 million in a quarter) suggest aggressive capital return strategies which might pressure financial flexibility.

Summary: Victory Capital exhibits solid profitability and cash flow growth with a commitment to increasing dividends, which is encouraging for investors. However, the company faces challenges from high operating and restructuring expenses, substantial debt levels, and fluctuating cash reserves. Continued focus on expense control and debt management will be important for sustaining growth and shareholder value.

08/03/25 01:46 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Victory Capital's Financials

When does Victory Capital's fiscal year end?

According to the most recent income statement we have on file, Victory Capital's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Victory Capital's net income changed over the last 9 years?

Victory Capital's net income appears to be on an upward trend, with a most recent value of $288.86 million in 2024, rising from $3.80 million in 2015. The previous period was $213.16 million in 2023. See where experts think Victory Capital is headed by visiting Victory Capital's forecast page.

How has Victory Capital's revenue changed over the last 9 years?

Over the last 9 years, Victory Capital's total revenue changed from $240.76 million in 2015 to $893.48 million in 2024, a change of 271.1%.

How much debt does Victory Capital have?

Victory Capital's total liabilities were at $1.43 billion at the end of 2024, a 4.3% decrease from 2023, and a 174.2% increase since 2016.

How much cash does Victory Capital have?

In the past 8 years, Victory Capital's cash and equivalents has ranged from $12.92 million in 2017 to $126.73 million in 2024, and is currently $126.73 million as of their latest financial filing in 2024.

How has Victory Capital's book value per share changed over the last 9 years?

Over the last 9 years, Victory Capital's book value per share changed from 0.00 in 2015 to 17.25 in 2024, a change of 1,724.7%.

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This page (NASDAQ:VCTR) was last updated on 8/3/2025 by MarketBeat.com Staff

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Victory Capital (VCTR) Financials

Key Financial Trends

Frequently Asked Questions About Victory Capital's Financials

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Victory Capital (VCTR) Financials

Annual Income Statements for Victory Capital

Quarterly Income Statements for Victory Capital

Annual Cash Flow Statements for Victory Capital

Quarterly Cash Flow Statements for Victory Capital

Annual Balance Sheets for Victory Capital

Quarterly Balance Sheets for Victory Capital

Annual Metrics And Ratios for Victory Capital

Quarterly Metrics And Ratios for Victory Capital

Key Financial Trends

Frequently Asked Questions About Victory Capital's Financials

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